SLB N.V. (NYSE: SLB) spent Monday under modest pressure as investors weighed softer oil prices, mixed institutional flows and a still‑constructive long‑term outlook for the oilfield‑services giant. As of 16:11 UTC on November 24, 2025, SLB stock was trading around $35.86, down about 0.9% on the day, after moving between an intraday high of $36.25 and a low near $35.33 on volume of roughly 8.7 million shares. [1]
At this level, SLB remains well below its 52‑week peak of $44.97 and above its 12‑month low of $31.11, leaving the shares trading roughly 20% under their high while still solidly above cycle lows. [2]
Key takeaways for SLB stock today
- Price and volume: SLB trades near $35.86, down about 0.9% Monday, with volume running below its three‑month average of ~16.4 million shares, suggesting relatively muted trading interest in today’s session. [3]
- Oil backdrop: Brent crude is hovering near $62 per barrel, having drifted lower over the past month; Bank of America now expects Brent to average around $60 in 2026, reinforcing a “lower for longer” narrative that caps enthusiasm for energy‑service names. [4]
- Earnings picture: Q3 2025 results showed revenue of $8.93 billion (up 4% sequentially, down 3% year over year) and adjusted EPS of $0.69, a small beat versus expectations, but with compressed margins and lower GAAP earnings versus last year. [5]
- Dividend and cash returns: SLB’s board approved a $0.285 quarterly dividend (annualized $1.14), implying a forward yield around 3.1% at current prices, with free cash flow of $1.1 billion in Q3 supporting payouts and buybacks. [6]
- Analyst view: Wall Street rates SLB a “Moderate Buy” with an average price target around $51.28, implying upside of roughly low‑40% from today’s level — but that optimism depends on execution, integration of ChampionX and the trajectory of global oil demand. [7]
How SLB stock is trading today
From a pure price‑action standpoint, Monday’s move in SLB is modest rather than dramatic. The stock:
- Trades around $35.86, down roughly $0.33 (about –0.9%) versus the prior close.
- Has ranged between $35.33 and $36.25 intraday, a roughly 2.6% band that lines up with the stock’s typical recent volatility. [8]
- Has seen 8.7 million shares change hands so far, versus a three‑month average volume of ~16.4 million, according to recent share‑statistics data — light but not unusual for a quiet macro day. [9]
Technically, SLB is sitting in the middle of its recent range:
- A recent technical summary shows the 50‑day moving average around $35.04 and the 20‑day moving average near $36.31, with the 200‑day near $35.95. [10]
- Short‑term relative strength (RSI) is in the mid‑40s to high‑40s, implying neither overbought nor oversold conditions. [11]
In other words, today’s modest dip keeps SLB locked in a consolidation zone: below long‑term resistance near the mid‑$40s but safely above its low‑$30s support area. [12]
Oil market backdrop: softer prices and a “lower for longer” narrative
For SLB, the single most important macro driver remains the global oil and gas spending cycle, which in turn is tightly linked to crude prices.
Recent data on Brent crude oil futures show:
- Brent settled around $61.82 per barrel on November 24, 2025, modestly higher on the day but down from levels above $64 earlier this month. [13]
- Over the last month, Brent has eased lower, and for 2025 as a whole, Bank of America estimates Brent has fallen almost 20% year‑to‑date, averaging about $69 per barrel amid a mix of trade tensions and OPEC+ market‑share battles. [14]
Looking ahead, Bank of America Global Research now expects Brent to average roughly $60 per barrel in 2026, with WTI near $57, citing a likely supply surplus of around 2 million barrels per day as non‑OPEC+ output grows and OPEC+ continues vying for market share. [15]
At the same time, SLB’s own management has flagged an oversupplied oil market and uncertainty around geopolitics, even as they argue that sustained investment in capacity, gas expansion projects and deepwater developments will ultimately support a rebound in activity — particularly outside North America. [16]
For SLB shareholders, this backdrop implies:
- Near‑term headwinds for pricing and activity in some basins, especially high‑cost North American shale.
- A still‑constructive medium‑term path for international and offshore spending, where SLB has deep strength and where management believes the next upcycle will be led. [17]
Q3 2025 earnings: resilient, but not flawless
SLB’s most recent results, reported on October 17, 2025, serve as the key fundamental anchor for today’s trading.
According to combined earnings summaries and transcripts:
- Revenue: Q3 revenue came in at $8.93 billion, up 4% sequentially but down 3% year over year, reflecting the addition of ChampionX and ongoing digital growth, offset by softer legacy activity and regional disruptions. [18]
- Profitability:
- Adjusted EPS:$0.69, beating consensus estimates of $0.67–$0.68 by a modest margin. [19]
- GAAP EPS:$0.50, down sharply from $0.83 a year earlier, reflecting integration costs, acquisition‑related items and margin pressure. [20]
- Adjusted EBITDA: Around $2.06 billion, with a 23.1% margin, flat sequentially and down year over year. [21]
- Cash generation: The company produced $1.68 billion in cash flow from operations and $1.1 billion in free cash flow, giving it ample capacity to fund capex, the dividend and selective buybacks. [22]
Segment trends help explain the mixed tone:
- International revenue reached $6.92 billion, up 1% sequentially but pressured year over year by issues such as disruptions in Ecuador. [23]
- North America revenue jumped to about $1.93 billion, up 14–17% sequentially, boosted primarily by the consolidation of ChampionX, even as management remains cautious on a sustained North American drilling rebound. [24]
- The Digital division, reported separately for the first time, delivered about $658 million in revenue with 11% sequential growth, and management highlighted Data Center Solutions revenue more than doubling year over year. [25]
Management characterized the quarter as “resilient” in the face of an oversupplied oil market, and emphasized that international and offshore spending, along with SLB’s expanding digital and data‑center presence, should drive the next leg of growth once supply and demand rebalance. [26]
Guidance and medium‑term outlook
Looking forward, SLB’s guidance and third‑party expectations sketch a cautiously optimistic picture:
- Q4 2025 guidance:
- Management expects “high single‑digit” sequential revenue growth as the full quarter of ChampionX is consolidated and seasonal digital and product sales pick up.
- Adjusted EBITDA margin is expected to expand by 50–150 basis points versus Q3, pointing to some recovery in profitability. [27]
- Capital investment: Full‑year 2025 capex guidance remains at $2.4 billion, indicating SLB is still investing heavily in technology, production systems and digital infrastructure despite the softer macro. [28]
- Digital targets: The digital division is projected to deliver double‑digit year‑over‑year growth and about a 35% EBITDA margin for 2025, which, if achieved, would give SLB a structurally higher‑margin growth engine within its portfolio. [29]
- Next catalyst: SLB’s next earnings report is scheduled for January 16, 2026, with current consensus calling for Q4 EPS around $0.74, up from $0.69 in Q3. [30]
While CEO Olivier Le Peuch has warned against expecting a “major rebound” in North American activity in the near term, he continues to argue that international markets and deepwater projects will lead the next upcycle, supported by ongoing capacity investments and gas‑expansion initiatives. [31]
Dividend, balance sheet and cash returns
Income‑oriented investors often look at SLB stock primarily through the lens of its dividend and balance sheet.
Recent data indicate:
- Dividend: SLB’s board approved a quarterly dividend of $0.285 per share, or $1.14 annualized, implying a forward yield of roughly 3.1% at today’s price in the mid‑$30s. [32]
- Payout ratio: MarketBeat’s data put SLB’s dividend payout ratio around 44% of earnings, leaving room for reinvestment and potential future increases if earnings recover. [33]
- Upcoming dates: The latest dividend declaration lists a record date in early December and payment in early January, meaning near‑term holders could capture the next payout if they own shares before the ex‑dividend date. [34]
- Balance sheet: SLB maintains a debt‑to‑equity ratio around 0.4–0.7, depending on the metric, which is manageable for a company with its free‑cash‑flow profile and global scale. [35]
Combined with Q3’s $1.1 billion in free cash flow, the current dividend appears well‑covered, though ongoing integration costs and oil‑price volatility remain important risks to monitor. [36]
Ownership, insider activity and analyst sentiment
Today’s SLB story is also shaped by who owns the stock — and what they’re doing with it.
Institutional flows
Two fresh 13F‑related pieces of news hit in recent days:
- Wealthspire Advisors LLC disclosed a new SLB position of 8,235 shares in Q2, part of a broader pattern that has left institutional investors and hedge funds owning roughly 82% of SLB’s float. [37]
- Charles Schwab Investment Management trimmed its SLB stake by 1.1%, selling about 532,983 shares but still holding roughly 47.2 million shares, or about 3.5% of the company, worth nearly $1.6 billion at recent prices. [38]
These moves suggest normal portfolio rebalancing rather than a wholesale shift in institutional conviction, especially given the still‑high level of institutional ownership.
Insider selling
MarketBeat also flags notable insider selling in recent months:
- Insider Dianne B. Ralston sold 39,727 shares in September at an average price just over $36.
- CFO Stephane Biguet and EVP Abdellah Merad have together sold tens of thousands of shares, part of total insider sales of about 138,174 shares (~$5.1 million) over 90 days, leaving insiders with only ~0.22% of shares outstanding. [39]
Insider selling doesn’t automatically mean management is bearish — it can reflect diversification or personal financial planning — but the low insider ownership does mean investors largely rely on institutional discipline and external oversight rather than insider skin in the game.
Analyst ratings and price targets
Despite choppy oil prices and earnings pressure, Wall Street remains broadly constructive:
- Among covering analysts tracked by MarketBeat, two rate SLB as Strong Buy, fourteen as Buy and five as Hold, giving the stock a consensus “Moderate Buy” rating. [40]
- The average price target stands around $51.28, implying roughly low‑40% upside from today’s price near $35.86 if those forecasts prove accurate. [41]
Analysts generally cite:
- Strong international footprint and technology leadership
- Growing digital and data‑center businesses with attractive margins
- ChampionX integration benefits and production‑systems synergies
as positives — balanced against oil‑price risk, margin compression and North American uncertainty as key drawbacks. [42]
Technical picture: levels traders are watching
For short‑term traders, SLB’s chart (even if you’re not looking at it right now) boils down to a few key reference points pulled from recent technical summaries:
- Support zone:
- Resistance zone:
- Volatility: Average True Range (ATR) around $1.10–$1.20, or roughly 3% of price, points to moderate daily swings, which can create both opportunity and risk for short‑term traders. [47]
With RSI around the mid‑40s, the stock isn’t extended in either direction, leaving room for macro news (especially on oil) or company‑specific catalysts to drive the next decisive move.
What today’s setup means for SLB investors
Putting everything together, here’s how SLB’s current situation looks:
Reasons some investors stay bullish on SLB stock
- Global scale and technology leadership in well construction, reservoir performance and production systems, with over 80% of revenue coming from international markets that management expects will lead the next upcycle. [48]
- A rapidly growing digital division with double‑digit growth and targeted mid‑30s EBITDA margins, plus emerging data‑center solutions exposure. [49]
- Solid free‑cash‑flow generation (over $1 billion in Q3 alone) supporting a 3%+ dividend yield and potential for ongoing shareholder returns. [50]
- A valuation near 14x trailing earnings, below many past‑cycle peaks, with analysts projecting meaningful upside relative to consensus targets in the low‑$50s. [51]
Key risks and questions
- Oil‑price risk: If Brent trends towards the sub‑$60 levels projected by Bank of America for 2026, upstream spending could stay subdued longer than bulls hope. [52]
- Margin pressure: Q3 showed weaker GAAP earnings and lower margins, and management is relying on Q4 improvements and digital mix to restore profitability — execution here is critical. [53]
- North America uncertainty: Management does not expect a major rebound in North American activity anytime soon due to high shale costs, limiting one potential growth lever. [54]
- Integration and strategy risk: The ChampionX acquisition and digital expansion are central to the story; any integration hiccups or slower‑than‑expected digital scaling could weigh on results. [55]
- Low insider ownership and recent selling may make some investors more sensitive to governance and incentive alignment. [56]
For long‑term investors, SLB currently looks like a high‑quality, globally diversified energy‑services name trading at a discount to analyst estimates, but tethered to a “slow‑grind” macro environment where oil prices are unlikely to provide a quick rising tide.
For traders, the mid‑$30s zone — sitting near major moving averages and well below the $45 resistance band — is a logical area to watch for either a breakout on improving macro and earnings momentum, or a breakdown if oil and margins deteriorate further.
Final word
SLB stock today reflects exactly what you’d expect from a world‑class oilfield‑services company in a cautious, late‑cycle oil environment: solid fundamentals, a respectable dividend, credible long‑term growth levers — and a share price that’s struggling to fully escape gravity while crude trades near $60.
Whether SLB belongs in your portfolio ultimately depends on:
- Your view on oil prices and global upstream capex over the next 3–5 years, and
- Your appetite for cyclicality, even when paired with strong cash generation and a growing digital business.
As always, this article is for informational purposes only and is not financial advice. Before buying or selling SLB, consider your own objectives, risk tolerance and time horizon, and, if needed, consult a qualified financial professional.
References
1. finance.yahoo.com, 2. www.marketbeat.com, 3. finance.yahoo.com, 4. www.investing.com, 5. quartr.com, 6. quartr.com, 7. www.marketbeat.com, 8. www.barchart.com, 9. finance.yahoo.com, 10. www.barchart.com, 11. www.barchart.com, 12. www.marketbeat.com, 13. www.investing.com, 14. m.investing.com, 15. m.investing.com, 16. www.reuters.com, 17. www.reuters.com, 18. quartr.com, 19. www.investing.com, 20. quartr.com, 21. quartr.com, 22. quartr.com, 23. quartr.com, 24. quartr.com, 25. quartr.com, 26. www.reuters.com, 27. quartr.com, 28. quartr.com, 29. quartr.com, 30. public.com, 31. www.reuters.com, 32. quartr.com, 33. www.marketbeat.com, 34. www.marketbeat.com, 35. www.investing.com, 36. quartr.com, 37. www.marketbeat.com, 38. www.marketbeat.com, 39. www.marketbeat.com, 40. www.marketbeat.com, 41. www.marketbeat.com, 42. quartr.com, 43. www.marketbeat.com, 44. www.barchart.com, 45. www.marketbeat.com, 46. www.barchart.com, 47. www.barchart.com, 48. quartr.com, 49. quartr.com, 50. quartr.com, 51. www.marketbeat.com, 52. m.investing.com, 53. quartr.com, 54. www.reuters.com, 55. quartr.com, 56. www.marketbeat.com
